FLORIDA COMMERCIAL BROKERS NETWORK COMPLETES FIRST PARTIAL DISPOSITION STUDY WITH CSSI
Orlando, Fla. (January 25, 2016) – Sometimes it is who you know, as well as what you know, that benefits a commercial property owner. In this case Weaver Realty Group in Jacksonville found both as they partnered with Cost Segregation Services Inc. (CSSI) a national company to benefit a Jacksonville owner by using a new IRS Regulation that allows commercial building owners to write down component assets that have been disposed of through renovations but remain on the books for depreciation purposes. Asset Valuation, a miniature cost segregation study, uses the same engineering methodology to identify and quantify the cost that can be immediately written off to reduce income tax and future recapture tax.
CSSI, a member of the Florida Commercial Brokers Network (FCBN), worked with Frost Weaver of Weaver Realty in Jacksonville to provide the study on the property of one of Weaver’s Jacksonville-based commercial clients. Their findings identified immediate write down deductions of $88,260 which resulted in a $34,951 tax benefit to Weaver’s client for a very nominal fee in comparison.
“This is a little-known and highly effective method for valuating a commercial property for ongoing tax purposes,” said Weaver, president of Weaver Realty in Jacksonville. “Through our relationships in Florida Commercial Brokers Network we met CSSI’s Greg Perkins and Don Little and know we have a valuable collaborative resource available to benefit our clients in Jacksonville and nationally.”
According to Perkins, national account executive at CSSI who handled this project, “The client and tax professional were both very pleased with the results that Weaver Realty brought to the table through Cost Segregation Services, Inc. This was a value-added service that we look forward to offering to more FCBN members and to their clients nationwide.”
Florida Commercial Brokers Network (FCBN) is a 22-year-old commercial real estate network comprised of top commercial real estate member firms and affiliates statewide. FCBN was formed in 1993 to facilitate inter-company transactions, provide services for multi-location banks and portfolio managers and provide a forum for its members to share information and resources. Information about FCBN and its members may be found online at www.FlaBrokers.com.
About Cost Segregation Services Inc.
CSSI is a cost segregation firm specifically focused to perform IRS defined, engineering-based cost segregation studies for commercial properties with cost basis of $300,000 or greater.
Founded by industrial engineer and economist Jim Shreve in 2001, over 13,000 CSSI studies have been completed. Contact Greg Perkins at 256/683-3397 and through www.costsegregationconsulting.com or call Don Little at 972/333-5059.